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Strategic Integration of Generative AI ‘Semantic Memory’ via OpenAI and Pinecone Vector Database Supports Rapid Expansion of Corporate Engagement Platforms

TORONTO, ON / ACCESS Newswire / January 20, 2026 / Nextech3D.ai (OTCQB:NEXCF)(CSE:NTAR,OTC:NEXCF)(FSE:1SS), a leader in AI-powered event and spatial computing solutions, is pleased to announce it has successfully scaled its KraftyLab in-person footprint to 35 major metropolitan hubs across the United States from just 20. This expansion represents a significant increase in the Company’s physical service capacity to support a growing roster of Fortune 500 clients. Nextech3D.ai continues to target a 90% gross margin profile for its 2026 fiscal year, although there is no assurance that we can hit that goal.

The ‘New 58’: A Diversified Corporate Inventory

To coincide with the geographic expansion, the Company has officially onboarded 58 new premium offerings to its unified experience platform. These new experiences are designed to meet the evolving Q1 2026 demands of decentralized enterprise teams, including Wellness & High-Energy Fitness, Professional Development, Connoisseur & Culinary Suites.

Technological Moat: The ‘Semantic Event Brain’

This national expansion is supported by the Company’s newly developing AI architecture, which integrates OpenAI‘s Large Language Models (LLMs) with the Pinecone Vector Database. This ‘Semantic Memory’ allows Nextech3D.ai’s platforms to provide context-aware, autonomous assistance. By utilizing Pinecone’s high-performance vector storage, the Company’s AI concierge can now execute complex logistics – via natural language processing across its events.

Evan Gappelberg, CEO of Nextech3D.ai comments, ‘We are seeing a big flight to quality and have had specific conversations and requests from existing large enterprise customers like Oracle for in-person events. By expanding our physical footprint to 35 cities, we are providing the local ‘last-mile’ delivery that global brands require for their hybrid workforces. This expansion serves as the physical hardware for our evolving AI-driven Operating System. He continues ‘A critical component of this OS is our recent BitPay integration, which allows for seamless, borderless transactions within our ecosystem. By merging AI-driven management with decentralized payment rails, we are building one of the first truly modern infrastructures for the global economy. The market is responding – we are currently celebrating a series of significant client wins as organizations realize that true efficiency requires this specific blend of high-tech financial tools and high-touch local presence.’

Strategic Rationale and Margin Profile

The move to 35 cities and the launch of 58 new offerings align with the Company’s focus on high-margin, asset-light scalability. By maintaining a software-first approach and utilizing AI to automate event logistics, Nextech3D.ai continues to target a 90% gross margin profile for its 2026 fiscal year, although there is no assurance that we can hit that goal.

About Nextech3D.ai

Nextech3D.ai is an AI-first technology company specializing in live event solutions, 3D modeling, and spatial computing. Through its flagship Map D, Eventdex, and KraftyLab platforms, the company provides interactive floor plans, registration, ticketing, and blockchain-enabled credentialing for large Fortune 500 organizations worldwide including Google, Oracle, Microsoft, Netflix and others.

Website: www.Nextech3D.ai

Investor Relations: investors@nextechar.com

For more information, visit Nextech3D.ai.

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Evan Gappelberg /CEO and Director
866-ARITIZE (274-8493)

Forward-Looking Statements

Forward-looking Statements The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Certain information contained herein may constitute ‘forward-looking information’ under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, ‘will be’ or variations of such words and phrases or statements that certain actions, events or results ‘will’ occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Nextech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

SOURCE: Nextech3D.ai

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Cartier Resources Inc. (″ Cartier ″ or the ″ Company ″) (TSXV: ECR,OTC:ECRFF; FSE: 6CA) is pleased to announce the sixth batch of results from Main Sector from the 100,000-m drilling program (2 drill rigs) on its 100%-owned Cadillac Project, located in Val-d’Or (Abitibi, Quebec).

Strategic Highlights from Main Sector

Drill Hole Results (Figures 1 to 4)
5B3/5C3 Zones

  • CA25-300 intersected 29.6 g/t Au over 1.7 m including 54.3 g/t Au over 0.9 m (5B3 Zone).
  • CA25-303 graded 13.2 g/t Au over 1.0 m (5C3 Zone).
  • CA25-301 intersected 2.7 g/t Au over 5.0 m including 8.0 g/t Au over 1.0 m (5C3 Zone).

5B4 Zone

  • CA25-295 intersected 4.9 g/t Au over 3.1 m.
  • CA25-292A graded 3.1 g/t Au over 4.0 m.
  • CA25-296 intersected 2.3 g/t Au over 8.0 m.

Significance for Investors

  • Holes CA25-300, 301 and 303 identified two new high-grade gold zones (5B3 & 5C3), demonstrating strong potential for depth expansion and meaningful cost reductions. These new discoveries are strategically located midway between Chimo Deposit (683,300 ounces in measured and indicated resources and 904,000 ounces inferred resources) and East Chimo Deposit (1,400 ounces indicated resources and 464,700 ounces inferred resources), supporting more efficient mine planning and development.
  • Holes CA25-292A, 295, and 296 confirmed 5B4 Zone (East Chimo Deposit) extends to surface, opening the door to more flexible operating scenarios and further improving the project economics. This gold zone is now continuous from surface to 1,300 m and still open at depth, signaling significant upside potential for resources growth.

Next Steps

  • Additional drilling is required on the new 5B3/5C3 Zones to expand gold mineralization at depth, which hosts the same style of mineralization than Chimo and East Chimo deposits.
  • Further exploration drilling is already planned to test several new high-priority regional targets at Main Sector, backed by detailed structural and geological modelling and VRIFY’s artificial intelligence (AI) driven targeting, reinforcing the potential for additional gold discoveries.

‘ These new high-grade discoveries between the Chimo and East Chimo deposits demonstrates the continuity of mineralization in this area and reinforces our confidence in the project’s growth potential. Confirming near-surface mineralization positions us to advance Cadillac with greater flexibility and improved capital efficiency. ‘ – Philippe Cloutier, President and CEO of Cartier.

These results are very encouraging and mark an important step forward. Drilling has now shifted west of the historical shaft, a largely underexplored area known to host multiple gold occurrences. As we continue to advance the drill program, we see strong potential for resource expansion in the western portion of the Main sector, which could add significantly value to the overall project. ‘ – Ronan Deroff, Vice President Exploration of Cartier.

Table 1: Drill hole best assay results from Main Sector

Hole Number From (m) To (m) Core Length** (m) Au (g/t) Uncut Vertical Depth (m) Zone
CA25-292A 65.0 69.0 4.0 3.1 ≈50 5B4
CA25-295 85.7 88.8 3.1 4.9 ≈75 5B4
CA25-296 78.0 86.0 8.0 2.3 ≈65 5B4
CA25-300 193.3 195.0 1.7 29.6 ≈150 5B3
Including 193.3 194.2 0.9 54.3
CA25-301 275.0 280.0 5.0 2.7 ≈235 5C3
Including 275.0 276.0 1.0 8.0
CA25-303 224.0 227.0 3.0 2.5 ≈170 5B3
And 241.0 242.0 1.0 13.2 ≈185 5C3

* Occurrences of visible gold (VG) have been noted in the drill core at various intervals. ** Based on the observed intercept angles within the drill core, true thicknesses are estimated to represent approximately 65-85% of the reported core length intervals.

Figure 1: Location of the new drill results (regional plan view)

Location of the new drill results (regional plan view)

Figure 2: Location of the new drill results (regional longitudinal section)

Location of the new drill results (regional longitudinal section)

Figure 3: Plan view, cross and long sections of the Main Sector

Plan view, cross and long sections of the Main Sector

Figure 4: Photos of the drill core from holes CA25-295 and CA25-300

Photos of the drill core from holes CA25-295 and CA25-300

Main Sector

The Main Sector is a highly prospective area featuring several newly defined high-priority drill targets and gold deposits including Chimo, East Chimo and West Nordeau with measured and indicated resources of 736,600 ounces (9.4 million tonnes at 2.4 g/t Au) and inferred resources of 2,036,800 ounces (29.1 million tonnes at 2.2 g/t Au). In addition, two new high-grade gold zones were discovered during Cartier’s latest drilling campaigns, including the VG9 and VG10 zones.

The three deposits lie along an east-west trending, sheared corridor (Cadillac Fault Zone) and occur at the contact between the hanging wall turbiditic sedimentary rocks (wacke-mudrock), locally conglomerates and iron formations of Cadillac Group and the footwall mafic volcanics (basalt) of Piché Group. This lithological contact is a favorable horizon for hydrothermal fluid flow, likely related to synvolcanic gold deposition.

The Main Sector, defined by at least twenty-six sub-parallel gold-rich zones, are typically and primarily associated with a fine-grained and disseminated arsenopyrite-pyrrhotite mineralization, with a pervasive biotite-chlorite-carbonate alteration, all crosscut by late-stage smoky and white quartz vein and veinlet stockworks containing visible gold. Locally, accessory minerals such as pyrite and tourmaline are observed.

Milestones of 2025-2027 Exploration Program

100,000 m Drilling Program (Q3 2025 to Q2 2027)

The ambitious 600-hole drilling program will both expand known gold zones (Brownfield Growth) and test new shallow surface high-potential targets (Greenfield Discovery). The objective is to unlock the camp-scale, high-grade gold potential along the 15 km Cadillac Fault Zone. It is important to note that Cartier’s recent consolidation of this large land holding offers the unique opportunity in over 90 years for unrestricted exploration.

Environmental Baseline Studies & Economic Evaluation of Chimo mine tailings (Q3 2025 to Q3 2026)

The baseline studies will be divided into two distinct parts which include 1) environmental baseline desktop study and 2) preliminary environmental geochemical characterization. The initial baseline studies will provide a comprehensive understanding of the current environmental conditions and implement operations that minimize environmental impact while optimizing the economic potential of the project. These studies will be supplemented by an initial assessment of the economic potential of the past-producing Chimo mine tailings to determine whether a quantity of gold can be extracted economically.

Metallurgical Sampling and Testwork Program (Q4 2025 to Q1 2026)

The metallurgical testwork program includes defining of expected gold recovery rates and improving historical results from the Chimo deposit, as well as establishing metallurgical recovery data for the first-time for the East Chimo and West Nordeau satellite deposits, where no previous data exists. This comprehensive program will characterize the mineralized material, gold recovery potential and validate optimal grind size defining the most efficient and cost-effective flowsheet. The data generated will directly support optimized project development and have the potential to significantly reduce both capital and operating costs, while also improving the environmental footprint.

Preliminary Economic Assessment (2026)

Internal engineering studies have been initiated to validate a multitude of development scenarios that consider the updated MRE and current market environment. Following the selection of the most optimal scenario, a PEA will be completed which will also build upon the results of the metallurgical testwork program and the environmental baseline studies to unveil the updated development strategy and vision of the project.

Table 2: Drill hole collar coordinates from Main Sector

Hole Number UTM Easting (m) UTM Northing (m) Elevation (m) Azimuth (°) Dip (°) Hole Length (m)
CA25-292A 332658 5319634 349 231 -45 177
CA25-293 332658 5319634 349 204 -63 198
CA25-294 332658 5319634 349 172 -69 231
CA25-295 332725 5319635 350 202 -53 132
CA25-296 332725 5319635 350 157 -45 141
CA25-297 332805 5319684 350 154 -45 220
CA25-298 332805 5319684 350 146 -65 270
CA25-299 332805 5319684 350 182 -76 282
CA25-300 332331 5319837 364 195 -51 240
CA25-301 332331 5319837 364 213 -69 315
CA25-303 332331 5319837 364 168 -50 249
CA25-304 332331 5319837 364 176 -73 381


Table 3: Drill hole detailed assay results from Main Sector

Hole Number From (m) To (m) Core Length** (m) Au (g/t) Uncut Vertical Depth (m) Zone
CA25-292A 65.0 69.0 4.0 3.1 ≈50 5B4
Including 65.0 66.0 1.0 1.4
Including 66.0 66.5 0.5 1.7
Including 66.5 67.0 0.5 3.9
Including 67.0 68.0 1.0 3.0
Including 68.0 69.0 1.0 5.1
CA25-293 63.6 65.5 1.9 1.9 ≈55 5M4
Including 63.6 64.6 1.0 2.3
Including 64.6 65.5 0.9 1.4
CA25-294 80.0 81.0 1.0 1.1 ≈85 5B4
And 132.0 133.0 1.0 1.6 ≈120 5C4
CA25-295 73.2 74.4 1.2 2.7 ≈55 5M4
Including 73.2 73.9 0.7 2.2
Including 73.9 74.4 0.5 3.3
And 82.9 88.8 5.9 2.8 ≈75 5B4
Including 82.9 84.0 1.1 1.5
Including 85.7 86.2 0.5 1.0
Including 86.2 87.0 0.8 4.9
Including 87.0 88.0 1.0 6.2
Including 88.0 88.8 0.8 5.6
CA25-296 78.0 86.0 8.0 2.3 ≈65 5B4
Including 78.0 79.0 1.0 1.0
Including 79.0 80.0 1.0 1.4
Including 81.0 82.0 1.0 2.6
Including 82.0 83.0 1.0 1.0
Including 83.0 84.0 1.0 5.9
Including 84.0 85.0 1.0 3.4
Including 85.0 86.0 1.0 2.4
CA25-297 112.0 113.0 1.0 2.6 ≈80 5NE
And 114.5 115.0 0.5 2.1
And 170.5 171.9 1.4 2.3 ≈120 5B4
Including 170.5 171.0 0.5 1.7
Including 171.0 171.9 1.0 2.6
CA25-298 133.0 134.0 1.0 1.5 ≈120
And 151.0 152.8 1.8 2.6 ≈135 5NE
Including 151.0 152.0 1.0 1.7
Including 152.0 152.8 0.8 3.7
CA25-299 135.0 136.0 1.0 2.5 ≈130 5NE
And 160.0 161.0 1.0 4.1 ≈150
And 220.0 221.0 1.0 1.0 ≈215 5B4
And 229.0 230.0 1.0 5.9
CA25-300 158.0 159.7 1.7 1.5 ≈120 5M3
Including 158.0 159.0 1.0 1.1
Including 159.0 159.7 0.7 2.1
And 193.3 195.0 1.7 29.6 ≈150 5B3
Including 193.3 194.2 0.9 54.3
Including 194.2 195.0 0.8 1.8
CA25-301 150.6 151.1 0.5 6.8* ≈140
And 218.0 219.0 1.0 1.4 ≈205 5M3
And 222.0 223.0 1.0 1.7
And 255.0 255.9 0.9 2.3 ≈235 5B3
And 275.0 280.0 5.0 2.7 ≈235 5C3
Including 275.0 276.0 1.0 8.0
Including 277.0 278.0 1.0 2.0
Including 278.0 279.0 1.0 1.8
Including 279.0 280.0 1.0 1.4
CA25-303 224.0 227.0 3.0 2.5 ≈170 5B3
Including 224.0 225.0 1.0 1.4
Including 225.0 226.0 1.0 4.2
Including 226.0 227.0 1.0 2.2
And 241.0 242.0 1.0 13.2 ≈185 5C3
CA25-304 249.0 250.0 1.0 1.2 ≈235 5M3
And 319.0 336.4 17.4 0.7 ≈310 5C3
Including 319.0 320.0 1.0 1.8
Including 330.0 331.0 1.0 2.1
Including 333.0 334.0 1.0 1.0
Including 334.0 335.0 1.0 1.8
Including 335.9 336.4 0.5 2.1
And 342.0 343.0 1.0 1.2 ≈325
And 348.0 349.0 1.0 1.3
And 377.0 378.0 1.0 5.8 ≈355

* Occurrences of visible gold (VG) have been noted in the drill core at various intervals. ** Based on the observed intercept angles within the drill core, true thicknesses are estimated to represent approximately 65-85% of the reported core length intervals.

Quality Assurance and Quality Control (QA/QC) Program

The drill core from the Cadillac Project is NQ-size and, upon receipt from the drill rig, is described and sampled by Cartier geologists. Core is sawn in half, with one half labelled, bagged and submitted for analysis and the other half retained and stored at Cartier’s coreshack facilities located in Val-d’Or, Quebec, for future reference and verification. As part of Quality Assurance and Quality Control (QA/QC) program, Cartier inserts blank samples and certified reference materials (standards) at regular intervals into the sample stream prior to shipment to monitor laboratory performance and analytical accuracy.

Drill core samples are sent to MSALABS’s analytical laboratory located in Val-d’Or, Quebec, for preparation and gold analysis. The entire sample is dried and crushed (70% passing a 2-millimeter sieve). The analysis for gold is performed on an approximately 500 g aliquot using Chrysos Photon Assay™ technology, which uses high-energy X-ray excitation with gamma detection to quickly and non-destructively measure gold content.

Alternatively, samples are submitted to Activation Laboratories Ltd. (‘Actlabs’), located in either Val-d’Or or Ste-Germaine-Boulé, both in Quebec, for preparation and gold analysis. The entire sample is dried, crushed (90% passing a 2-millimetre sieve) and 250 g is pulverized (90% passing a 0.07-millimetre sieve). The analysis for gold is conducted using a 50 g fire assay fusion with atomic absorption spectroscopy (AAS) finish, with a detection limit up to 10,000 ppb. Samples exceeding this threshold are reanalyzed by fire assay with a gravimetric finish to determine high-grade values accurately.

Both MSALABS and Actlabs are ISO/IEC 17025 accredited for gold assays and implement industry-standard QA/QC protocols. Their internal quality control programs include the use of blanks, duplicates, and certified reference materials at set intervals, with established acceptance criteria to ensure data integrity and analytical precision.

Qualified Person

The scientific and technical content of this press release has been prepared, reviewed and approved by Mr. Ronan Déroff, P.Geo., M.Sc., Vice President Exploration, who is a ″Qualified Person″ as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (″NI 43-101″).

About Cadillac Project

The Cadillac Project, covering 14,000 hectares along a 15-kilometre stretch of the Cadillac Fault, is one of the largest consolidated land packages in the Val-d’Or mining camp. Cartier’s flagship asset integrates the historic Chimo Mine and East Cadillac projects, creating a dominant position in a world class gold mining district. With excellent road access, year-round infrastructure and nearby milling capacity, the project is ideally positioned for rapid advancement and value creation.

The Cadillac property contains total gold resource of 767,800 ounces in the measured and indicated category (10.0 million tonnes at 2.4 g/t Au) and 2,416,900 ounces in the inferred category (35.2 million tonnes at 2.1 g/t Au) across all the sectors. Please see the Cartier’s December 18, 2025 news release titled ″ Cartier Reports Significant Gold Resource Growth At Cadillac With 9,953,000 tonnes at a grade of 2.40 g/t Au for 767,800 Ounces Measured and Indicated, a 7% Increase and 35,185,000 tonnes at a grade of 2.14 g/t Au for 2,416,900 Ounces Inferred, a 48% Increase. ″

About Cartier Resources Inc.

Cartier Resources Inc., founded in 2006 and headquartered in Val-d’Or (Quebec) is a gold exploration company focused on building shareholder value through discovery and development in one of Canada’s most prolific mining camps. The Company combines strong technical expertise and a track record of successful exploration to advance its flagship Cadillac Project. Cartier’s strategy is clear: unlock the full potential of one of the largest undeveloped gold landholdings in Quebec.

For further information, contact:
Philippe Cloutier, P. Geo.
President and CEO
Telephone: 819-856-0512
philippe.cloutier@ressourcescartier.com
www.ressourcescartier.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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VANCOUVER, BRITISH COLUMBIA / ACCESS Newswire / January 20, 2026 / Prince Silver Corp. (CSE:PRNC,OTC:PRNCF)(OTCQB:PRNCF)(T130:Frankfurt) (‘Prince Silver’or theCompany’) is pleased to announce that it has staked approximately 656 acresof new mineral claims directly along trend of its ongoing reverse circulation (‘RC’) drill program. Recent assay results from this program include Hole PRC-27 which returned 9.2 metres (30 feet) grading 140 g/t Ag, 8.57% Mn, 1.48% Pb and 1.06% Zn, and Hole PRC-30 returned 7.6 metres (25 feet) grading 167 g/t Ag, 8.7% Mn and 1.14% Zn(see Company News Release dated January 13, 2026) at the Prince Silver Project in the Pioche Mining District of Lincoln County, Nevada.

Derek Iwanaka, CEO and Director of Prince Silver Corp., commented:

‘Our decision to stake these additional claims was driven by our enhanced understanding of the geological system governing the Prince Project area, the strength and consistency of the mineralization encountered in our ongoing 9,000-metre RC drill program, and by our growing confidence in the scale of the mineralized system at the Prince Project. Securing this additional ground now ensures we control the majority of the prospective extensions of the Great Western Fault’s mineralized corridor as we continue drilling and advance the Project towards its first NI 43-101 compliant mineral resource estimate.’

The newly staked claims more than double Prince Silver’s previous land position and are located immediately north of the Prince Silver Project, along a controlling north-northwest-trending regional fault structure. This structure is interpreted to have acted as the primary conduit for acidic mineralizing fluids responsible for the Carbonate Replacement Deposit (‘CRD’) mineralized horizons and vein systems currently being drilled by the Company. The additional claims enhance Prince Silver’s ability to evaluate extensions of CRD-style and structurally controlled vein mineralization identified to date over more than seven kilometres along the Great Western Fault corridor.

The Pioche Mining District is a prolific historical silver-producing region, with mineralization occurring within CRD systems and replacement zones hosted by favorable carbonate host rocks, typically localized along fault systems proximal to intrusive rocks. Historical mining at the Prince Mine focused primarily on high-grade fissure veins, leaving significant potential for broader, near-surface zones of mineralization amenable to modern exploration methods and potential open-pit mining.

The newly staked claims provide additional flexibility for future drill targeting, infrastructure placement, and longer-term project development planning as Prince Silver continues to define the size, continuity, and metal zonation of the regional mineral system. Additional assay results from the ongoing drill program will be released over the next three to four months, as they become available.

The map below shows the location of the newly staked claims relative to the existing Prince land package.

Figure 1: Prince Silver Land Package in Pioche Mining District, Nevada

Qualified Person

Ralph Shearing, P.Geo. (Alberta), a Qualified Person under NI 43-101 and Director and President of the Company, has reviewed and approved the technical disclosure in this news release.

About Prince Silver Corp.

Prince Silver Corp. is a silver exploration company advancing its past-producing Prince Silver-Zinc-Manganese-Lead Mine in Nevada, USA. Featuring near-surface mineralization that was historically drill tested by over 129 holes and is open in all directions, the Prince Project offers a clear path toward a maiden 43-101 compliant resource estimate. The Company also holds an interest in the Stampede Gap Project, a district-scale copper-gold-molybdenum porphyry system located 15 km north-northwest of the Prince Silver Project, highlighting Prince Silver’s focus on high-potential, strategically located exploration assets.

On Behalf of the Board of Directors

Derek Iwanaka, CEO & Director
Tel: 236-335-9383
Email: info@princesilvercorp.com
Website: www.princesilvercorp.com

Forward-Looking Information

Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as ‘may’, ‘expect’, ‘estimate’, ‘anticipate’, ‘intend’, ‘believe’ and ‘continue’ or the negative thereof or similar variations. Some of the specific forward-looking information in this news release includes, but is not limited to, statements with respect to: ongoing and proposed drill programs, amendments to the Company’s website, property option payments and regulatory and corporate approvals. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, dependence on key personnel, completion of satisfactory due diligence in respect of the Acquisition and related transactions, and compliance with property option agreements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, failure to obtain regulatory or corporate approvals, exploration results, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act’) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

SOURCE: Prince Silver Corp.

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Exploration drilling underway and PFS-level technical programs ongoing at the Company’s Saskatchewan gold project

Fortune Bay Corp. (TSXV: FOR,OTC:FTBYF) (FWB: 5QN) (OTCQB: FTBYF) (‘Fortune Bay’ or the ‘Company’) is entering 2026 with a strengthened balance sheet and a clear strategic focus on advancing its Goldfields Gold Project (‘Goldfields’ or the ‘Project’), a gold development asset in Saskatchewan, one of the world’s top-tier mining jurisdictions.

Fortune Bay Corp. Logo (CNW Group/Fortune Bay Corp.)

Following a year of significant technical and corporate progress in 2025, the Company is fully funded to execute its planned 2026 program at Goldfields, centered on; 1) project development work, that includes advancing toward a Prefeasibility Study (‘PFS’) in tandem with permitting activities, and 2) exploration drilling targeting additional near-mine ounces that could further strengthen Goldfields’ excellent economics. Exploration drilling has resumed after the holiday break and initial drill results are expected in the first quarter of 2026.

Goldfields is very well-positioned for advancement, with excellent PEA economics, a high-confidence mineral resource base, established infrastructure, and the benefit of Saskatchewan’s stable, top-tier jurisdiction.‘ said Dale Verran, CEO of Fortune Bay. ‘The work completed in 2025 strengthened the project’s technical foundation and firmly set the stage for expedited advancement. With funding secured, our priority in 2026 is disciplined execution, advancing development while growing the resource and positioning Goldfields to unlock meaningful value as the gold market continues to strengthen.’

2025: A Year of Demonstrating Project Value and Setting the Stage for Advancement

Throughout 2025, Fortune Bay advanced Goldfields through a series of key milestones aimed at strengthening technical confidence, improving execution readiness, and positioning the project for the next stage of value creation.

Updated Preliminary Economic Assessment: Defining an Expedited Development Path

In September 2025, Fortune Bay completed an independent Updated Preliminary Economic Assessment (‘Updated PEA’) for Goldfields, confirming the project as a robust open-pit development asset supported by a well-defined resource base, existing infrastructure, and Saskatchewan’s stable regulatory environment.

At a base-case gold price of US$2,600/oz, the Updated PEA outlined after-tax economics of C$610 million NPV (5%) and a 44% IRR, with initial capital estimated at C$301 million. At spot gold prices at the time of the study (US$3,650/oz), the after-tax NPV (5%) increased to C$1.25 billion, highlighting the project’s strong sensitivity to gold prices. On average, every US$100 change in the gold price assumption results in an approximate C$61 million change in after-tax NPV.

The Updated PEA positions Goldfields for accelerated advancement toward construction by maintaining throughput below 5,000 tpd, enabling the Project to remain within the provincial permitting framework. This expedited pathway is supported by established infrastructure, a de-risked resource base (with 97% of ounces in the mine plan classified as Indicated), and a valid provincially approved Environmental Impact Statement (‘EIS’) from 2008 for a 5,000 tpd open-pit operation.

To read the full release visit https://fortunebaycorp.com/news/post/fortune-bay-announces-updated-pea-for-goldfields-saskatchewan.

Permitting Work: Advancing Execution Readiness

Alongside the Updated PEA, Fortune Bay advanced environmental baseline studies during 2025, building upon extensive historical datasets and the existing EIS. Both aquatic and terrestrial baseline environmental studies were completed in late 2025, with final reporting and ongoing monitoring continuing into early 2026 and beyond.

In addition, a well-attended community tour of Indigenous communities and municipalities was completed in November 2025 to support early engagement on the development of Goldfields. Productive meetings were also held with Chiefs and Council members from local Indigenous nations to introduce the project and seek initial feedback from leadership.

Post-PEA Technical Programs: Advancing Toward PFS-Level Studies

Following completion of the Updated PEA, the Company initiated a series of post-PEA technical programs aimed at further de-risking the project and advancing studies toward the PFS level. This work included high-resolution topographic (LiDAR) survey, waste rock characterization, metallurgical testwork, and planning for additional PFS-level work programs.

Exploration: Positioning for Resource Expansion

In parallel with project development work, Fortune Bay refined exploration targets across the Goldfields property, integrating historical drilling, updated geological modeling, and insights gained through the PEA process. This work directly informed the design of the current exploration drilling program targeting additional near-mine ounces that could further strengthen Goldfields’ exceptional economics and improve the overall development profile. 

2026: Funded, Focused, and Advancing

With funding secured, Fortune Bay’s 2026 work program is designed to translate the technical and permitting progress achieved in 2025 into tangible value advancement at Goldfields. The Company enters the year with a clear operational focus and the financial capacity to execute its plans without near-term capital constraints.

Exploration

A central component of the 2026 program is resource expansion drilling, targeting priority areas identified through recent geological modeling and insights gained from the Updated PEA. The drilling is intended to test the potential to further strengthen project scale, extend mine life, and enhance the overall development profile. Initial drill results are expected in the first quarter of 2026.

Project Development

The Company plans to advance three key project development strategies in parallel; 1) PFS-level work streams, 2) Saskatchewan-led environmental approvals, and 3) community consultation and engagement.

PFS-level work streams will include expanded geotechnical, metallurgical and waste rock geochemistry investigations. Metallurgical and waste rock studies in 2025 were scoped to inform and support design of optimized PFS-level investigations in 2026. An integrated work program is being developed to reduce the amount of drilling required to the extent possible.

  • Geotechnical drilling and investigations, in tandem with hydrogeological survey, will expand on historical studies to further characterize host-rock physical properties and support optimization of the open pit design. Surface investigations and soil profile testing will also be carried out to support higher-confidence infrastructure design, including that of the tailings storage facility, process plant and other site infrastructure.
  • Metallurgical studies will include expanded testing to better constrain parameters around process plant design and reagent consumption, including broad-scale variability testing.
  • Waste rock characterisation study will be carried out, including acid base accounting and geochemistry, to support waste rock facility design and complement site water balance and environmental (permitting) advancement.

Results from recent baseline environmental studies and the waste rock characterization program will be integrated with feedback from early engagement activities and the project scope outlined in the Updated PEA to inform development of the Technical Proposal. The Technical Proposal is the first step in the provincial environmental assessment process and will be used as a basis for initiation of regulatory engagement with the Saskatchewan Ministry of Environment in Q1 of 2026. This work will build upon the Provincially-approved 2008 Environmental Impact Statement for a 5,000 tpd open-pit operation. Community engagement will continue in 2026 to strengthen relationships and continue meaningful dialogue on the project with the public and local Indigenous Nations, including rights holders.

The technical progress achieved at Goldfields in 2025, and the fully funded program planned for 2026, reinforce the Company’s strategy of disciplined, cycle-aware advancement of a high-quality gold asset in a top-tier jurisdiction.

Technical Report & Qualified Person

Details for the Updated PEA for Goldfields are provided in the technical report titled ‘Goldfields Project Updated NI 43-101 Technical Report & Preliminary Economic Assessment, Saskatchewan, Canada‘, dated October 20, 2025, prepared by Kevin Murray, P.Eng.; Scott C. Elfen, P.E.; James Millard, P.Geo.; Jonathan Cooper, P.Eng.; Marc Schulte, P.Eng.; Cliff Revering, P.Eng.; and Ron Uken, Pr.Sci.Nat. for Fortune Bay Corp. The technical report is available under the Company’s issuer profile on SEDAR+ (www.sedarplus.ca) and on the Company’s website at www.fortunebaycorp.com.

The technical and scientific information in this news release has been reviewed and approved by Gareth Garlick P.Geo., Vice-President Technical Services of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Garlick is an employee of Fortune Bay and is not independent of the Company under NI 43‑101.

About Fortune Bay

Fortune Bay Corp. (TSXV:FOR,OTC:FTBYF; FWB:5QN; OTCQB:FTBYF) is a Canadian mineral exploration and development company with assets in Canada and Mexico. The Company’s primary focus is advancing the Goldfields Gold Project in Saskatchewan, Canada. Fortune Bay also holds the Poma Rosa Gold-Copper Project in Chiapas, Mexico, as well as an optioned uranium project portfolio in the Athabasca Basin of Saskatchewan. Fortune Bay continues to evaluate and advance its portfolio in a disciplined manner while maintaining a strong technical foundation and prudent capital management. For more information, please visit www.fortunebaycorp.com or contact info@fortunebaycorp.com.

On behalf of Fortune Bay Corp.

‘Dale Verran’
Chief Executive Officer
902-334-1919

Cautionary Statement

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. Words such as ‘expects’, ‘aims’, ‘anticipates’, ‘targets’, ‘goals’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’, ‘estimates’, ‘continues’, ‘may’, variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements, and include, but are not limited to, statements with respect to: the results of the Updated PEA, including future Project opportunities, future operating and capital costs, closure costs, AISC, the projected NPV, IRR, timelines, permit timelines, and the ability to obtain the requisite permits, economics and associated returns of the Project, the technical viability of the Project, the market and future price of and demand for gold, the environmental impact of the Project, and the ongoing ability to work cooperatively with stakeholders, including Indigenous Nations, local Municipalities and local levels of government. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward- looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate Indigenous Nations and local Municipalities, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. For more information on Fortune Bay, readers should refer to Fortune Bay’s website at www.fortunebaycorp.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Fortune Bay Corp.

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(TheNewswire)

Laurion Mineral Exploration Inc.

Toronto, Ontario TheNewswire – January 20, 2026 Laurion Mineral Exploration Inc. (TSX-V: LME | OTCQB: LMEFF | FSE: 5YD) (‘LAURION’ or the ‘Company’) is pleased to provide an update on its strategic positioning entering 2026, following a recent strategy session of the Company’s Board of Directors. LAURION’s primary focus for the year ahead is the advancement and further development of its flagship Ishkōday Project, with the objective of enhancing the positioning of the asset to support the Company’s pursuit of strategic alternatives aimed at maximizing long‑term shareholder value.

‘Our focus has always been on advancing Ishkōday through disciplined, milestone-driven execution,’ said Cynthia Le Sueur-Aquin, President and CEO of LAURION. ‘This technical direction reflects my conviction that LAURION’s strategy is sound, disciplined, and built to endure. We are no longer relying on the market to infer value — we are building it by translating technical progress and mineral property advancement into measurable project value. As the Company’s largest shareholder, with my immediate family and I holding over 30 million shares, alignment with this approach matters deeply to me.’

‘This clarity regarding LAURION’s strategic plan is intended to ensure that investors understand how the Company’s disciplined execution today improves outcomes tomorrow, while avoiding mixed signals between whether the Company is prioritizing a pursuit of strategic alternatives as compared to the technical advancement and development of Ishkōday. They are considered concurrent and complementary priorities.’

EVALUATION OF STRATEGIC ALTERNATIVES

As previously announced, LAURION has undertaken a structured strategic review process, including the establishment of a special committee (the ‘Special Committee‘) and the engagement of a network of financial and strategic advisors, to explore a range of potential strategic alternatives for the Company, which includes, among other things, assessing interest from potential acquirers and institutional investors aligned with LAURION’s long-term vision. (LAURION press releases dated November 14, 2023, April 14, 2025, September 5, 2025, October 23, 2025 and November 19, 2025.)

As part of recent strategic discussions, the Company received feedback from external advisors regarding the Company’s market positioning, timing, and next steps. These advisors noted that, while interest in high-quality Canadian gold assets exists, it remains selective. The most effective way to strengthen future strategic outcomes is through the continued technical advancement and development of the Ishkōday Project. Specifically, these advisors recommended that LAURION advance the Project toward the completion of a technical report expressing a mineral resource estimate (MRE), followed by a subsequent technical report disclosing a preliminary economic assessment (PEA), each prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (‘NI 43-101‘). Therefore, working towards these two technical milestones will be the Company’s principal focus in 2026.

While LAURION’s M&A infrastructure – comprised of its Special Committee and established network of financial and strategic advisors – remains in place and the Company continues to explore and be receptive to strategic opportunities, day-to-day management will concentrate on advancing the development of the Ishkōday Project through its next stages of technical reporting. Consistent with the guidance provided by the Company’s advisors, the advancement of the Ishkōday Project is expected to further enhance the project’s profile, quantify the merits of the project, and better position LAURION to explore strategic alternatives designed to maximize shareholder value.

FROM BROAD EXPLORATION TO STRUCTURED VALUE DEFINITION

LAURION has built an extensive geological and exploration dataset across a large, mineralized corridor at Ishkōday through a series of deliberate, strategically designed work programs. The Company has developed a structure-led, confidence-building technical program designed to support mineral resource development.

The Company’s technical focus in 2026 will be on integrating this information to identify and progressively refine coherent mineralized envelopes within priority structural corridors, using structurally informed drilling, shoot-fan patterns, and 3D domaining to convert drilling confidence into robust geological models. Near-term drilling will be designed and executed within structurally validated zones and along established plunge directions, with each hole planned to test defined geological hypotheses and contribute directly to model refinement, continuity assessment, and confidence building. This disciplined approach emphasizes data quality and geological consistency, with the objective of ensuring that technical advancement is systematic, defensible, and aligned with NI 43-101. In the Company’s view, by prioritizing technical integrity, LAURION can support near-term target generation and foster future resource growth and value recognition, as this is how the Company intends to increase the underlying value of the project in a manner consistent with how value is traditionally assessed and realized in the mining industry.

LAURION to Attend VRIC 2026

LAURION will be attending the Vancouver Resource Investment Conference (VRIC) 2026, to be held in Vancouver, British Columbia, on January 25-26, 2026. Management will be available during the conference to engage with investors and industry participants and to discuss the Company’s ongoing work at the Ishkōday Gold-Polymetallic Project, its disciplined technical approach, and its 2026 execution priorities. Participation in VRIC supports LAURION’s commitment to transparent investor engagement and clear communication aligned with its milestone-driven strategy.

Qualified Person

The technical contents of this release were reviewed and approved by Pierre-Jean Lafleur, P.Eng, a consultant to LAURION and a Qualified Person as defined by NI 43-101.

About LAURION Mineral Exploration Inc.

 

Laurion Mineral Exploration Inc. is a mid-stage junior mineral exploration company listed on the TSX Venture Exchange under the symbol LME and on the OTC Pink market under the symbol LMEFF. The Company currently has 278,716,413 common shares outstanding, with approximately 73.6% held by insiders and long-term ‘Friends and Family’ investors, reflecting strong alignment between management, the Board, and shareholders.

LAURION’s primary focus is the 100%-owned, district-scale Ishkōday Project, a 57 km² land package hosting gold-rich polymetallic mineralization. The Company is advancing Ishkōday through a disciplined, milestone-driven exploration strategy focused on strengthening geological confidence, defining structural continuity.

LAURION’s strategy is centered on deliberate value creation. The Company is prioritizing systematic technical advancement, integrated geological and structural modeling, and the evaluation of optional, non-dilutive pathways, including historical surface stockpile processing, that may support flexibility without diverting focus from core exploration objectives.

The Company’s overarching objective is to build project value before monetization, ensuring that any future strategic outcomes are supported by technical clarity, reduced execution risk, and demonstrated scale. While the Board remains attentive to strategic interest that may arise, LAURION is not driven by transaction timing. Instead, the Company is focused on advancing the Ishkōday Project in a manner that strengthens long-term shareholder value.

LAURION will continue to communicate progress through timely disclosure and will issue press releases in accordance with applicable securities laws should any material change occur.

FOR FURTHER INFORMATION, CONTACT:

Laurion Mineral Exploration Inc.

Cynthia Le Sueur-Aquin – President and CEO

Tel: 1-705-788-9186 Fax: 1-705-805-9256

 

Douglas Vass – Investor Relations Consultant

Email: info@laurion.ca

Website: http://www.LAURION.ca

Follow us on: X (@LAURION_LME), Instagram (laurionmineral) and LinkedIn ()

 

Caution Regarding Forward-Looking Information

This press release contains forward-looking statements, which reflect the Company’s current expectations regarding future events including with respect to LAURION’s business, operations and condition, management’s objectives, strategies, beliefs and intentions, the Company’s ability to advance the Ishkōday Project, the nature, focus, timing and potential results of the Company’s exploration, drilling and prospecting activities in 2026 and beyond, including the Company’s planned activities for the Ishkōday Project for the remainder of 2026, the timing of, and the Company’s ability to complete, any technical reports or milestones regarding the Ishkōday Project, and the statements regarding the Company’s exploration or consideration of any possible strategic alternatives and transactional opportunities, as well as the potential outcome(s) of this process, the possible impact of any potential transactions referenced or inferred herein on the Company or any of its stakeholders, and the ability of the Company to identify and complete any potential acquisitions, mergers, financings or other transactions referenced or inferred herein, and the timing of any such transactions. The forward-looking statements involve risks and uncertainties. Actual events and future results, performance or achievements expressed or implied by such forward-looking statements could differ materially from those projected herein including as a result of a change in the trading price of the common shares of LAURION, the TSX Venture Exchange or any other applicable regulator not providing its approval for any strategic alternatives or transactional opportunities, the interpretation and actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of gold and/or other metals, possible variations in grade or recovery rates, failure of equipment or processes to operate as anticipated, the failure of contracted parties to perform, labor disputes and other risks of the mining industry, delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the Company’s publicly filed documents. Investors should consult the Company’s ongoing quarterly and annual filings, as well as any other additional documentation comprising the Company’s public disclosure record, for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. Subject to applicable law, the Company disclaims any obligation to update these forward-looking statements. All sample values are from grab samples and channel samples, which by their nature, are not necessarily representative of overall grades of mineralized areas. Readers are cautioned to not place undue reliance on the assay values reported in this press release.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

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Jim Wiederhold, commodity indices product manager at Bloomberg, shares his commodities outlook for 2026, saying that while precious metals dominated last year, there’s potential for a rotation toward industrial metals like copper in the year ahead.

‘The fundamental story for industrial is very strong,’ he said.

‘There’s potential huge supply/demand imbalances coming in the future.’

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

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Cobalt metal prices have trended steadily higher since September of last year, entering 2026 at US$56,414 per metric ton and touching highs unseen since July 2022.

The cobalt market staged a dramatic reversal in 2025, shifting from deep oversupply to structural tightening after decisive intervention by the Democratic Republic of Congo (DRC).

Prices began last year near nine year lows amid a lingering glut, but surged after the DRC, responsible for roughly three-quarters of global supply, imposed an export ban in February, later replaced by strict quotas.

By the end of the year, cobalt metal prices had more than doubled, underscoring how quickly supply-side policy reshaped market fundamentals. What emerged was not a demand-driven recovery, but a supply-led reset. Indonesian output, largely tied to nickel processing, helped cushion the shock but proved insufficient to replace lost Congolese units.

As inventories thinned and quotas capped future exports, the market exited 2025 near balance, setting the stage for a tighter and more volatile cobalt landscape heading into 2026.

Cobalt chokepoints: DRC dominance, China and the Lobito Corridor

With the concentration of cobalt output stemming from two nations, supply chain security has come into focus. An issue Roman Aubry, nickel and cobalt analyst at Benchmark Mineral Intelligence expects to last through 2026.

“2025 has demonstrated the risks associated with having a single country being

He added: “Looking ahead to 2026 it’s clear that the market has to anticipate continued uncertainty from the DRC. While they’ve announced a detailed quota system for the next two years, the DRC reserves the right to adjust it as it sees fit. Given the current ex-DRC cobalt stocks, Benchmark expects there to be significant risk of demand destruction as we approach the end of the year, therefore it is likely the DRC will need to adjust the export quota.”

Concern over China’s control of battery and critical metal supply chains is also likely to carry over through the year, as tensions between Washington and Beijing oscillate and the US looks to fortify its access to the metals.

Aubry pointed to the Lobito Corridor as a key factor in the US securing ex-China supply.

The major rail and port project linking the mineral-rich Copperbelt of the DRC and Zambia to Angola’s Atlantic coast, could reshape the global cobalt supply chain by lowering export costs, speeding transit times and diversifying routes away from China‑dominated infrastructure.

The US International Development Finance Corporation has committed hundreds of millions of dollars in funding to modernize the corridor’s rail and port facilities, potentially boosting annual transport capacity by an order of magnitude and cutting costs by as much as 30 percent compared with existing routes.

“In regards to Western-China relations, we’ve seen the US become increasingly conscious of its reliance on China refining for critical minerals, taking steps to improve ties with the DRC,” said Aubry. “This has mainly come in the form of a strategic agreement to develop the Lobito rail corridor, which would allow the DRC to export cobalt directly to the Atlantic, as well as the establishment of a coordinated Strategic Minerals Reserve within the DRC.”

Is cobalt substitution in the cards?

Before the DRC levied export controls over cobalt exports human rights and child labour concerns around artisinal cobalt extraction plagued the sector.

Paired with the supply chain challenges, battery manufacturers began shifting chemistry away from cobalt-rich formulas, like nickel-cobalt-manganese (NCM) and lithium-iron-phiosphate (LFP) began growing in market share.

In 2025, demand for nickel-cobalt-manganese (NCM) battery cells remained strong in markets focused on longer driving range and performance, particularly in North America and Europe, but lithium iron phosphate (LFP) cells continued their rapid ascent, driven by cost advantages and growing adoption in China and entry-level electric vehicles (EVs).

Industry forecasts project LFP’s share of global battery cell capacity to exceed 60 percent in 2025, reflecting broader shifts toward lower-cost chemistry amid affordability pressures, while NCM and lithium nickel cobalt aluminum oxide (NCA) cells continue to dominate premium segments where energy density remains critical.

Amid a shrinking EV market share, Aubry pointed to overall growth in the EV segment, as well as cobalt’s other end uses as factors likely to support demand.

“While battery chemistries are expected to shift towards lower-cobalt or cobalt- free chemistries, the volume of EV batteries is expected to more than offset this,” he explained.

“From all applications, cobalt demand is expected to grow almost 80 percent in the next decade,

He added: “Outside of the EV space, portables are an area of significant growth, particularly batteries for newer technologies like drones. Industrial applications also present a stable source of growth.”

Market volatility drives need for raw materials hedging

During a presentation at Benchmark Week 2025, Casper Rawles, COO at Benchmark Intelligence, highlighted the growing value of hedging for companies operating in the battery raw materials space.

According to Benchmark data, raw materials could account for 20 percent to 40 percent of battery costs by 2030, exceeding 50 percent for some chemistries.

For EV manufacturers such as BYD (OTCPL:BYDDF), annual spending on critical battery materials could exceed US$2 billion, leaving margins highly exposed to price swings.

Against that backdrop, Rawles underscored the need for more sophisticated hedging strategies, noting that shifts in sentiment, supply, demand and geopolitics can reprice these markets with little warning.

Hedging allows companies to manage commodity price volatility by offsetting exposure in the physical market with positions in the futures market.

Producers and consumers typically hedge either to lock in prices that protect margins or to secure fixed pricing tied to external contracts, buying or selling futures to counterbalance their underlying risk. In practice, firms can tailor these strategies to reduce price exposure partially or eliminate it altogether, depending on their risk tolerance.

As Rawles explained, cobalt’s 2025 price rebound emphasizes how exposed the market is to geopolitics, with the DRC’s export controls triggering a rapid reversal from oversupply to scarcity.

“Ultimately we saw an export quota being put in place. Now that quota is pretty limited,’ said Rawles.

‘When we think about the type of volumes we’re expecting to be needed by the market it’s really not going to be sufficient to fulfill market demand. That really shows how quickly the fortunes of these minerals can change,” he added, noting that the DRC’s dominance gives it outsized influence over global pricing.

Rawles stressed that cobalt volatility is no longer driven by supply and demand alone, but by sentiment and geopolitics, with major implications for battery makers and automakers, where raw materials account for a large share of costs.

“Even if you think you know the outlook at the start of the year, that can change in a heartbeat,” he said.

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

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The graphite market was dominated by oversupply, trade disputes and China’s continued grip in 2025.

Prices hit multi-year lows as a US investigation into Chinese anode imports highlighted the vulnerability of the electric vehicle (EV) supply chain, with tariffs and anti-dumping duties creating uncertainty for North American producers.

Although natural graphite output has risen from 966,000 metric tons in 2020 to 1.6 million metric tons in 2024, China accounts for nearly all recent supply growth and also dominates refining.

The nation is projected to control roughly 80 percent of battery-grade graphite production through 2035.

Outside the Asian nation, analysts note that US and European producers face high costs and limited alternatives, with trade tensions and tariffs further constraining non-China supply.

While graphite projects in Madagascar and Mozambique offer some diversification of supply, graphite refining capacity remains heavily concentrated, leaving the market exposed to supply shocks.

A US-China trade agreement made late in 2025 eased volatility in the natural anode market, but oversupply and weak demand continue to pressure flake graphite prices as the year closed.

“The agreement between the US and China to roll back planned export restrictions on markets such as graphite is set to provide a stable picture for the next year,” wrote Fastmarkets’ Andrew Saucer in a November update.

“However, for graphite, it leaves many existing trade barriers in place which should solidify shifts in how China and the US are finding alternatives to each other in their natural and synthetic supply chains.’

Graphite prices under pressure

Speaking at the Benchmark Week conference in November 2025, Adam Webb, head of energy raw materials at Benchmark Mineral Intelligence, explained why flake graphite prices — as well as the majority of the battery metals suite — saw weak prices through early 2025, despite a promising demand outlook.

“Essentially, what’s happened here is demand has grown very strongly, but supply growth has actually outpaced demand growth,” Webb said. “Therefore you’ve got the markets in a surplus, and that weighs on prices.”

As graphite prices sank in 2024, a ripple effect impacted supply, hitting the production side hard.

“With flake graphite, you’ll notice it’s actually supply has increased less than demand, and that is because prices were so low that in 2024 you had significant Chinese capacity come offline,’ Webb commented.

‘Also in flake graphite you have competition with synthetic graphite.”

Graphite anodes remain the dominant choice for lithium-ion batteries, but price divergence has sharpened competition between natural and synthetic materials.

Synthetic graphite is expected to retain the largest market share in the near term, thanks to its superior fast-charging performance, durability and electrolyte compatibility. However, natural graphite is gaining attention for its lower cost, higher capacity and lower energy intensity. This competition has divided the market as prices for flake graphite remain low, further pressured by weak demand in the industrial segment.

“Flake pricing on the other hand continues to feel the impact of lower steel demand in 2025 amid declines in Asian and European production in the first seven months of the year,” a September Fastmarkets report notes.

“Expectations among market participants are that production in China will continue to decline through the end of the year and continue to weigh on overall global production.”

Energy storage surge to underpin long-term graphite demand

Despite the market challenges noted by Benchmark’s Webb, the metals consultancy and price reporting agency forecasts 9 percent growth in graphite demand between 2025 and 2035.

This uptick will be strongly supported by a rise in the EV and battery energy storage system (BESS) segments.

“Flake graphite, you’ll see that that price is going up despite the oversupplied market, and that is because to meet that rising demand, there needs to be more supply coming online, and a lot of that supply coming online is high cost. So that’s going to push up the price support, basically, gradually through time,” Webb said.

The BESS market emerged as a major growth driver in 2025, reinforcing long-term demand for battery raw materials, including graphite. As Benchmark outlines, the market for BESS is expected to register roughly 44 percent growth for 2025, almost double the rate of overall lithium-ion battery demand.

As a result, energy storage is set to account for a quarter of total battery demand in 2025.

In North America, momentum has been uneven.

While interest in large-scale storage remains strong, BESS integrators faced mounting pressure in 2025 due to limited domestic battery cell supply, project delays and shrinking margins.

Several leading system providers reported weaker financial results, highlighting the risks of heavy reliance on imported cells and fragmented supply chains.

In Europe, deployed energy storage capacity surpassed 100 gigawatts by November, with batteries accounting for the vast majority of new installations. China, by contrast, saw a renewed surge in energy storage battery shipments. Policy reforms introduced under “Document No. 136” shifted renewable power toward market-based pricing and removed mandatory storage requirements, allowing battery projects to compete on commercial returns.

Together, these regional dynamics underline the growing importance of stationary storage in the global battery market. As BESS capacity expands alongside EVs, demand for graphite anodes is expected to remain structurally strong, even as supply chains and pricing face continued adjustment.

Establishing an ex-China anode supply chain

At Benchmark Week, industry insiders agreed graphite demand will continue to rise through the decade, but the anode supply chain remains constrained by China’s dominance and the high cost of building alternatives elsewhere.

Today, more than 90 percent of battery-grade anode material is sourced from China, a concentration that has become increasingly untenable for western automakers and cell manufacturers.

“Customers are actively looking for diversification,” said Michael O’Kronley, CEO of Novonix (ASX:NVX,OTCPL:NVNXF), noting that supply security has shifted from a long-term aspiration to an immediate priority.

Yet replacing Chinese supply is proving far from straightforward.

A panel featuring graphite executives highlighted that anode qualification can take years, requiring extensive testing to ensure materials perform consistently over a battery’s full lifespan.

“Battery materials aren’t qualified overnight,” O’Kronley said. “It takes years of co-development and patient capital.”

Cost remains the central obstacle. Building an anode plant in North America can cost three to 10 times more than in China, while customers remain reluctant to pay a premium. “A new supply chain has to be paid for somewhere,” O’Kronley warned, arguing that government support is essential if diversification is to scale.

Natural graphite producers face similar pressures.

Financing has become more difficult amid weak prices, even as long-term demand expectations remain strong.

“We expect demand growth closer to 2030,” said Patrice Boulanger, vice president of sales, marketing and business at Québec-focused Nouveau Monde Graphite (NYSE:NMG), adding that government offtake agreements are increasingly critical to unlocking private financing.

Despite growing interest in silicon, lithium metal and other next-generation anodes, the panelists were unanimous that graphite will remain dominant.

“Graphite is clearly here to stay,” said Viren Hira of Syrah Resources (ASX:SYR,OTCPL:SYAAF), with both natural and synthetic materials expected to underpin battery growth through at least the next decade.

Adding context during his own presentation at Benchmark Week, Webb outlined how cost dynamics are reshaping the anode market, particularly the balance between synthetic and natural graphite.

“On the anode side, we’ve seen a move towards synthetic graphite,” he said, noting that the shift has been driven less by performance and more by economics. Producers, he explained, have increasingly turned to lower-quality, lower-cost feedstocks, enabling them to reduce production costs.

As a result, prices for synthetic anode material have fallen, making it more competitive and supporting its growing share of battery anode demand.

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

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The cobalt market staged a dramatic turnaround in 2025, lifting sentiment across equity markets after years of oversupply and near-record price lows.

Early in the year, the Democratic Republic of Congo’s (DRC) decision to suspend cobalt exports sparked a major price rebound, with benchmark metal prices more than doubling as supply tightened and buyers scrambled to secure feedstock.

That supply shock, followed by the DRC’s shift to a quota system limiting exports into 2026, has reshaped market dynamics, prompting analysts to forecast a structural supply deficit next year and underpinning stronger price expectations.

As cobalt prices climbed and inventories tightened, Canadian companies with cobalt exposure drew renewed investor interest, buoyed by the metal’s critical role in EV batteries and energy transition technologies.

All share price and performance data was obtained on January 13, 2026, using TradingView’s stock screener. Companies with market caps above C$10 million at that time were considered.

1. Talon Metals (TSX:TLO)

Yearly gain: 629.41 percent
Market cap: C$725.17 million
Share price: C$0.62

Talon Metals is a base metals company advancing the Tamarack nickel-copper-cobalt project in Central Minnesota, US, through a joint venture with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO). Talon currently holds a 51 percent stake in the project and can earn up to 60 percent. The company also owns the Boulderdash nickel-copper discovery in Michigan, US.

In late March, Talon Metals announced a massive sulfide discovery at its Tamarack project, with an intercept measuring 8.25 meters containing 95 percent sulfide content located deeper than the current Tamarack resource.

In May, a further massive sulfide discovery in the same zone, the thickest discovery yet at the site, drove the company’s share price up significantly, and another in early August did the same.

In the August announcement, Talon shared that it named the discovery zone the Vault zone. At the start of Q4, Talon announced an expanded winter drilling and exploration program at Vault. Shares of Talon rallied to C$0.54 on October 14 following the winter drill news and alongside rising cobalt prices.

On October 20, Talon received a 12 month extension from Rio Tinto subsidiary Kennecott Exploration to submit a feasibility study and a US$10 million payment required to increase its ownership stake in the Tamarack project to 60 percent.

To start 2026, Talon Metals completed its previously announced deal with Lundin Mining (TSX:LUN,OTCPL:LUNMF), acquiring Lundin’s producing Eagle nickel-copper mine and Humboldt mill in Michigan.

The deal combines the assets with Talon’s nearby Boulderdash discovery, allowing the company to process ore from Boulderdash at the Humboldt mill. Additionally, Eagle will provide cash flow to help Talon advance Tamarack.

Under the transaction, Lundin Mining received 275.2 million Talon shares and a royalty of US$1 per metric ton of non-Eagle ore processed at the Humboldt Mill, capped at US$20 million. Lundin now holds a 19.99 percent interest in Talon and it will be able to elect two members to the board.

Between the announcement and closing of the deal, shares of Talon rallied to a one year high of C$0.69 on January 6, 2025.

2. Leading Edge Materials (TSXV:LEM)

Yearly gain: 183.33 percent
Market cap: C$63.74 million
Share price: C$0.25

Leading Edge Materials is developing critical materials projects in Europe. The company’s projects include its wholly owned Woxna graphite mine and Norra Kärr heavy rare earths project, both in Sweden, as well as its 51 percent owned Bihor Sud nickel-cobalt exploration alliance in Romania.

According to its June 2025 presentation, exploration work planned for 2025 at Bihor Sud’s G2 gallery includes mapping and sampling of cobalt-nickel and zinc-lead-silver mineralized zones detected visually and by hand-held XRF. Drilling targeting polymetallic mineralization at the gallery is underway.

On the financial side, Leading Edge announced a C$400,000 non-brokered private placement in June.

According to a June 22 activities update, Leading Edge’s Romanian subsidiary was granted ownership and operational permits for the Avram Iancu mine at Bihor Sud, and the team had begun preliminary investigations of the site.

In its quarterly report released September 19, Leading Edge Materials said it is reassessing its prospects after being granted those permits. The Avram Iancu site has extensive historic underground workings and data indicating copper-rich massive sulfide zones, the statement notes.

A competent person report is in progress to consolidate past exploration and outline next steps, while the company evaluates financing options to advance development.

Shares of Leading Edge registered a one year high of C$0.44 on October 14.

In December, Leading Edge Materials cleared a regulatory milestone at its Norra Kärr rare earths project in Sweden, securing county-level endorsements that advance its 25 year mining lease application to a final decision by the Mining Inspectorate.

The company closed the year by joining EIT Raw Materials as a project partner, strengthening its access to Europe’s leading critical minerals innovation network and potential funding channels.

3. FPX Nickel (TSXV:FPX)

Yearly gain: 161.7 percent
Market cap: C$193.52 million
Share price: C$0.62

FPX Nickel is currently advancing its Decar nickel district in British Columbia, Canada.

The property comprises four key targets, with the Baptiste deposit being the primary focus, alongside the Van target. The company also has three other nickel projects in BC and one in the Yukon, Canada.

In February, FPX released a scoping study for the development of a refinery that would refine awaruite concentrate from Baptiste into battery-grade nickel sulfate and by-products of cobalt carbonate, copper and ammonium sulfate. Annual output is anticipated at 32,000 metric tons of contained nickel and 570 metric tons of contained cobalt.

The results show that the process would result in operating and all-in production costs near the bottom of nickel sulfate cost curve, in part due to by-product credits. Additionally, the carbon intensity of the awaruite refinery would be significantly lower than that of currently used production methods.

On September 4, FPX completed a large-scale mineral processing pilot campaign for its Baptiste nickel project, following three prior successful campaigns. The production run generated bulk samples of awaruite concentrate, which will be provided to prospective partners, including pre-cursor cathode active materials, battery producers and automakers, to assess its suitability as feedstock.

Later in the month, FPX secured an option to earn up to 100 percent of the Advocate nickel property in Newfoundland, which was also named the first designated asset under its generative alliance with the Japan Organization for Metals and Energy Security, supporting a planned exploration program.

At the start of Q4, FPX Nickel signed an exploration agreement with the Takla Nation covering its Klow property in Central British Columbia, establishing a collaborative framework for early-stage work and protocols for environmental protection, employment and more.

Later in the quarter, the company received UL Solutions’ ECOLOGO certification, which verifies sustainable practices in the mineral exploration sector. FPX is the first company in Canada operating outside Québec to do so, according to the release.

FPX opened 2026 by qualifying for an upgrade to the OTCQX Best Market, with its shares now trading under the ticker FPOCF.

Two days later, FPX shares reached a one year high of C$0.69 on January 7, 2026.

4. Battery Mineral Resources (TSXV:BMR)

Yearly gain: 125 percent
Market cap: C$22.15 million
Share price: C$0.18

Battery Mineral Resources is focused on developing into a mid-tier copper producer, and recently restarted mine and mill operations at the Punitaqui Mining Complex in Chile.

In Canada, the company holds the largest land position in Ontario’s historic Cobalt district, where it is exploring high-grade primary cobalt deposits at McAra, Gowganda and Elk Lake. Its portfolio also includes energy services and mineral exploration assets in North America, along with graphite projects in South Korea.

In late October, Battery Mineral Resources said it was evaluating strategic options for its Gowganda silver tailings project, located northeast of Sudbury, Ontario. The project lies in one of the country’s most productive past silver-cobalt districts, and the Gowganda mining camp produced 60 million ounces of silver and 1.3 million pounds of cobalt between 1910 and 1969. Gowganda hosts four former mines and associated tailings historically estimated to contain 2.96 million ounces of silver.

On October 16, Battery Mineral Resources reported strong operational performance at its Punitaqui copper project in Chile, driven by improved underground production and plant optimization. Battery Mineral Resources is also advancing development of additional underground operations at Cinabrio Norte and Dalmacia to support further growth from Punitaqui.

At the start of 2026, Battery Mineral Resources unveiled the decision to sell 100 percent of its interest in the Gowganda silver-cobalt tailings project mining leases to Nord Precious Metals (TSXV:NTH,OTCQB:CCWOF).

“We are pleased to enter into this transaction for our shareholders, providing approximately $6.0 million of value along with a 3.0 percent NSR Royalty,” said Laz Nikeas, CEO of Battery Mineral Resources.

Days later, on January 7 the company launched a non-brokered private placement to raise C$34.89 million. The news items helped push shares of Battery Mineral Resources to a one year high of C$0.20 on January 12.

5. Wheaton Precious Metals (TSX:WPM)

Yearly gain: 122.77 percent
Market cap: C$82.43 billion
Share price: C$181.56

Wheaton Precious Metals is one of the largest gold and silver royalty and streaming companies.

It has investments in 18 operating mines and 28 development projects across four continents, including a cobalt streaming agreement for Vale’s (NYSE:VALE) Voisey’s Bay nickel mine in Newfoundland and Labrador, Canada.

Voisey’s Bay is currently in a transitional phase, shifting from the depleted Ovoid open pit to full underground production.

According to Wheaton’s Q3 release, Voisey’s Bay produced 604,000 pounds of attributable cobalt, a year-over-year increase of 52 percent. This came as the underground mine at Voisey’s Bay continued to ramp up, with full production expected in 2026’s second half.

In November, Wheaton closed its gold stream deal with Carcetti, now Hemlo Mining (TSXV:HMMC), providing US$300 million in upfront funding tied to the Hemlo mine transaction. The deal delivers immediate production and cash flow to Wheaton while anchoring a broader recapitalization that supports the asset’s transition under new ownership.

Wheaton shares hit a one year high of C$182.07 on January 13, 2026, as silver and gold continued to hold at historically high price levels.

FAQs for cobalt

What is cobalt?

Cobalt is a silver-gray metal that is often produced as a by-product of nickel and copper mining. It does not occur as a separate metal anywhere in the world, and must be produced by reductive smelting, or from the metallic ore cobaltite, which is made of cobalt, sulfur and arsenic.

What is cobalt used for?

Historically, cobalt oxides were used to impart a blue pigment to glass, porcelain and paints, hence the still-used cobalt blue paint. The metal is also used to produce superalloys, as cobalt imparts qualities such as corrosion and wear resistance, which are useful in applications such as airplanes, orthopedics and prosthetics.

Today cobalt is most famously used in the rechargeable lithium-ion batteries that run everything from smartphones to EVs.

Where is cobalt mined?

The majority of cobalt production comes out of the DRC, which was responsible for producing 220,000 metric tons of the material in 2024. For perspective, the second largest cobalt-producing country, Indonesia, reported output of 28,000 MT the same year; third place Russia produced 8,700 MT of the material.

As the lithium-ion battery and EV supply chains garner global attention, companies are trying to limit their exposure to cobalt produced from the DRC, which is known for human rights abuses and sometimes child labor in its mining industry.

In response to this trend, many countries with cobalt are attempting to create domestic cobalt and EV supply chains in the hope of attracting companies looking to avoid DRC-sourced cobalt. This can be seen in the up-and-coming battery corridor in Ontario, Canada, as well as in the US-based Idaho cobalt belt.

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

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Transition Metals (TSXV:XTM) is a Canada-based, multi-commodity exploration company laser-focused on discovering the next generation of critical and precious metals in the country’s most prospective and mining-friendly jurisdictions.

With a diversified portfolio spanning platinum group metals, nickel, copper, gold, silver, and uranium, the company offers broad exposure to the metals powering electrification, decarbonization, and long-term resource security.

Map of Canada showing locations of mineral resources: gold, copper, PGM, nickel, uranium.

Operating under a disciplined project generator model, Transition advances early-stage assets through rigorous, geoscience-driven exploration before strategically bringing in partners to help fund drilling and development. This approach preserves capital, limits shareholder dilution, and retains meaningful upside through royalties, milestone payments, and equity interests — while maintaining operatorship and technical control during critical exploration stages.

Company Highlights

  • Multi-commodity exploration company with a portfolio of projects and royalties, covering gold, nickel, copper, platinum group metals (PGM), cobalt, tungsten and more located in mining-friendly jurisdictions across Canada
  • Flagship PGM exposure at the Saturday Night/Sunday Lake projects in the Thunder Bay region
  • Discovery-focused project generator model designed to minimize shareholder dilution while maximizing exploration leverage
  • Strong treasury position complemented by marketable securities, milestone payments and royalty interests
  • Proven management team with multiple industry discovery awards and a long track record of value creation
  • Exposure to critical metals themes supported by government funding, flow-through incentives and secure jurisdictions

This transition Metals profile is part of a paid investor education campaign.*

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